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Ramkrishna Forgings expects Rs 2,000 cr topline from EV biz over 5 years; says domestic demand offsetting weak exports

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Lalit Khetan, ED & CFO of Ramkrishna Forgings, on Thursday, said that strong domestic demand is offsetting weak exports. He also mentioned that he is expecting revenue of Rs 2,000 crore from the EV space over the next 5 years.

Lalit Khetan, ED & CFO of Ramkrishna Forgings, on Thursday, said that strong domestic demand is offsetting weak exports.
“Exports are not that good; it’s getting offset because of strong demand in the domestic market. However, we are looking at a good Q3; Q4 equally looks strong because exports will be back,” Khetan said, in an interview to CNBC-TV18.
Ramkrishna Forgings has signed a memorandum of understanding (MoU) with ePropelled to manufacture dynamic torque switching motor technology. The technology will provide an energy-saving solution to the light electric vehicle manufacturers in India.
On revenue, Khetan said, “The electric vehicle (EV) market is around Rs 3,000 crore in India and the way growth is happening, the market will go around Rs 5,000-6,000 crore in the next 1-2 years’ time. However, we are looking at 5-7 years, where the market will be more than Rs 10,000 crore and we are eyeing around Rs 2,000 crore topline from this segment over a period of 5 years.”
According to him, the worst of the chip shortage issue is over and production levels are improving. “It is not over but the situation is improving and, in a month or so, we can see normal production of the chip,” said Khetan.
For the entire management interview, watch the video